(CNBC) – Over the three-year-long pause on student loan payments, the U.S. Department of Education has repeatedly told borrowers their bills were set to resume, only to take it back and provide them more time. This time, however, the agency really means it.
The Education Department posted on its website that “payments will be due starting in October,” and a recent law passed by Congress will make changing that plan difficult.
It will likely be a big adjustment for borrowers when the pandemic-era policy expires. Around 40 million Americans have debt from their education. The typical monthly bill is roughly $350.
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